Bitcoin Blog a1

Friday, June 16, 2017

The Atlantic and The Fed

The Atlantic recently published an article on cryptocurrency ponzi schemes. Its a little funny, but I started reporting on Bitcoin ponzi schemes in 2014. As well as my failed attempt at being an investigative reporter (another link).

The Atlantic and my blog couldn’t be more different. The Atlantic is generally very wordy or even sesquipedalian at times. My articles are very short. Shorter than anywhere else sometimes. SEO experts are saying longer is better now days, but I don’t listen. Regardless, its interesting to see more mainstream media outlets reporting on what I have been doing for years.

In other news, the Bitcoin community has some interesting reactions to the Fed announcing a rate hike. The Bitcoin community always has colorful thoughts on fiat. This Reddit post states, "USD is a huge pre-mine SCAM!" For context, a pre-mine means refers to a cryptocurrency that had coins in existence, prior to being mineable by the public. The post links a video of Janet Yellen ( Chairman of the Fed) announcing a .25 % rate hike to the federal funds rate. The idea of the comparison between a pre-mine and the rate hike is the Fed alters the money supply in order to change the federal funds rate. Likewise, in a pre-mine, developers manipulate the cryptos supply in order to benefit themselves.

I’ll hopefully publish some more material later this month. In the meantime: